Yes. A step-up or step-down ring can be used between the lens’s filter thread and a reverse-mount adapter, as long as the thread sizes are compatible and everything fits securely. In practice, this is a normal workaround when the exact reverse adapter size is hard to find.

The main downside is usually just convenience: using extra rings adds another connection, making the setup slightly bulkier and a bit less simple than using a reverse adapter in the correct size directly. Otherwise, there is no inherent problem with doing it, and photographers do use this successfully for reversed-lens macro setups.

As with any reverse-mount arrangement, make sure the adapter and rings attach cleanly and hold the lens firmly.